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Seeking Grants & Financing After Company Set Up In Singapore

By Author: A1 Corp
Total Articles: 87

It can be quite worrisome to start out a business of your own without support, seeing that there can be so many unseen bumps along the way. For budding entrepreneurs, this can pose as a large deterrence. Thankfully, the governing sectors of Singapore are well aware and aim to help encourage the growth of our business industries by providing new start ups with the resources they need. One such resource comes in the form of grants and schemes that are available for eligible companies. If you are looking to apply for grants or schemes, we have some recommendations you can check out:

Startup SG Founder
Entrepreneurs who have undergone company formation in Singapore for the first time can benefit from this startup capital and mentorship grant if they have a novel business idea. If your application is found to be successful, Enterprise Singapore can help you out by matching $3 for each $1 you raise. To apply, you’ll have to first do that through AMP (Accredited Mentor Partners) and go through an assessment. Make sure that your concept for business is both realistic yet innovative with a good market value potential before you send in an application since these factors will be what will be considered during your assessment process.

Micro Loan (SME)
Under this program, startup business owners can receive loans (up to $100000) from banks and financial institutions for their daily company operational costs, upgrading, buying or automating equipment. The condition is that your company needs to pay back an interest rate (at least 57.5%) when it comes to loan tenures that lasts less than 4 years.

Productivity Solutions Grant (PSG)
After you complete your singapore company set up, it’s best to always have a plan on what your next step should be. If your “next step” involves the use of IT equipment or IT solutions, then you’ll want to take a look at the Productivity Solutions Grant (PSG). This grant actually covers quite a lot of sector specific solutions but also areas like financial management, inventory, analytics, customer management and more. If you are eligible for it, you will receive a certain percentage of funding support to continue streamlining your processes.

Enterprise Development Grant (EDG)
With the help of this grant, you will be able to improve and upgrade your business shortly after your company is assessed for qualifying factors. This is because it is specifically designed to help businesses grow, especially in overseas ventures. If you are looking to build your business foundations from the ground up, improve on your IT processes and embark on overseas projects, you may just be able to get funding for about 70% of the project costs that qualify under the grant.

Working Capital Loan (SME)
If you’re looking into getting an added option for financing, you can also check out the Working Capital Loan catered for SMEs. This loan can potentially help tide your company over with an increased working capital and cash flow. You can gain access to work capital loans (up to $300000) if you are able to get in the loan programme. Though of course, you’ll also want to consider that the interest rate you will be subjected to is based on risk assessment (determined by the financial institutions that are participating). You’ll also need to repay the loan you made in the span of 5 years.

These are just some of the grants and schemes you should be paying attention to after you’ve completed company formation in Singapore. If you qualify under any of these, then it’s definitely encouraged for you to try sending in an application!

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